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Saturday, 6 December 2014

OMG NAJIB!...Dr M and AKJ - guts and guns!

OMG NAJIB!...Dr M and AKJ - guts and guns!

Tun Dr Mahathir Mohamad continued his tirade against his successors in Umno, writing yesterday that party delegates and Putrajaya have not addressed issues about the controversy-ridden 1Malaysia Development Bhd (1MDB), a Pacific Rim trade pact and the widening wealth gap.

Dr Mahathir, who is one of 1MDB's fiercest critics, congratulated Prime Minister Datuk Seri Najib Razak for keeping the Sedition Act but noted that there was no response from the government on the controversial sovereign wealth fund.

"The question is not about the increase in electricity tariff from buying power-generating stations, but from the high price used to buy it, paid with the debt money which has the highest interest rate imposed on the government and commissions to Goldman Sachs at 11%," the former prime minister wrote in his popular blog today."And why did they invest or keep their money in the Cayman Islands, which is a hedge fund operation base? The government usually does not invest in hedge funds as it is a form of gambling."He said one of the biggest hedge funds, Long Term Credit Management (LTCM), had incurred massive losses and dragged the bank and investors to bankruptcy but was saved by Wall Street and the United States government."The Malaysian government has been called on many times to invest in hedge funds with guaranteed returns of 30% but it was always rejected. Gambling is not a way for the government to look for funds, whether directly or indirectly," he added.Dr Mahathir, who was Malaysia's longest-serving prime minister, had previously asked Putrajaya to explain how 1MDB benefited Malaysians, especially since it incurred an RM38 billion debt within just five years of its operations.

Dr Mahathir had said there was no need for 1MDB as it only added to the country's debt."1MDB is said to be a sovereign wealth fund, but it is not. It is money that we have borrowed. When we borrow, we have to pay back. This is not wealth.

“In my opinion, even if there is no 1MDB it would be fine,” Dr Mahathir was quoted as saying in news reports when he was asked whether the fund should be shut down.

And here comes another strong critic. Veteran journalist A. Kadir Jasin - who was 'victimised under circumstances' by Umno - seems to find 'solace' by non-stop firing at the government.

In his latest blog posting, he said Putrajaya must come clean on the fact that the country’s economy is on a downtrend instead of creating the false impression that everything is well.

“Don’t wait till the people are angry. Be forthright with them. Don’t for a minute think that they are ignorant, stupid or unaware,” wrote Kadir in a posting on his blog The Scribe A Kadir Jasin today.He said the public was now aware of how the economy worked after feeling the effects of inflation due to fuel subsidy cuts and shrinking incomes after a drop in oil palm and rubber prices.They are also expecting prices to go up when the Goods and Services Tax (GST) comes into force next year, Kadir said.He said the public was also aware that the ringgit’s shrinking value would adversely affect the economy.“Is it not better to admit to the present realities and be honest with them now?“It is better to make them less happy now by telling them the truth instead of making them angry when economic hardship hits them,” Kadir said.Kadir said many market forecasts have indicated that the country will probably go through challenging times next year as economies in Europe and Australia are set to contract and China’s growth is expected to dampen.

On December 1, the ringgit’s value charted the largest drop in a single day to RM3.342 to US$1. This was the steepest fall since the 1997-87 Asian Financial Crisis.

Kadir - on few occasions had to sacrifice not getting paid by Umno for some excellent jobs done - is still with Umno (I believe). No way will he support Anwar Ibrahim and the Opposition although his close rapport with Najib has been imposed with 'some limitations' by the inner circle (whom we can guess).

Unlike Dr Mahathir who finds freedom after being 'barred and blackout' under Pak Lah's era, Kadir (in my opinion) is otherwise - he just wants to see Najib and his government 'do the right thing'.

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